XRP Crucially avoided a huge price drop over the weekend and compared to 2017, the price of XRP has held up above the important long-term support level at $0.19. However, over the week, the XRP price was at risk of breaking below the key support level for the second time around as we are reading in the XRP news today.
When the previous strong support level of $0.30 was broken, the XRP price dropped dramatically and was unable to recover above that area of interest for many months. As the Bitcoin price rebounded from $6,700 to more than $7,100 in the past 24 hours after the abrupt 16 percent drop in a span of three days and XRP avoided testing the $0.19.
A retest could have led to another pullback for an asset that has already gotten down by 93 percent from its record high back in January 2018. Somehow, XRP crucially avoided the major price drop and according to the crypto trader and technical analyst, DonAlt said that similar to the $0.30 to the $0.19 level is very important for XRP and that the price action of the crypto has been extremely technical. He explained:
“$0.30 was quite important, let’s hope $0.19 will be as well. The price action on XRPUSD is uncannily technical.”
While Bitcoin tends to be oversold based on the multiple technical indicators and has shown signs of a relief rally in the near short-term, if it starts testing lower supports as suggested by some traders in the $6,000 range, it could also heavily affect the altcoin market again. XRP has avoided the large pullback below the $0.19 this weekend because of the swift recovery of Bitcoin but if the Bitcoin price does not manage to see an upside movement in the oversold territory, XRP could still be extremely vulnerable to a further drop.
Over this year, the San Francisco-based company that creates the ecosystem around XRP has secured a high profile partnership to boost the usage of XRP. Most of the partnerships don’t have the wanted effect on the short-term price trend of the XRP but as the CEO of Ripple Brad Garlinghouse noted, the community awaits to get an increase in the liquidity of both XRP and the RippleNET.
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